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Title Vol. 92 Fiscal Year 2019 Total Revenue Settlement Analysis (English Edition)

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    167
  • Date
    2020-08-07
According to the settlement of fiscal year 2019 submitted by the government, total income was KRW 73.1 trillion, an increase from the previous year of KRW 7.8 trillion and KRW 3.3 trillion less than the budget. Tax revenue showed a strong uptrend for the past three years but declined slightly to KRW 293.5 trillion due to economic factors such as lethargic domestic demand and a slow business climate, and institutional factors such as EITC expansion and an increase in local consumption tax transfer rate.
Non-tax revenue was KRW 179.3 trillion, an increase from the previous year of KRW 8.1 trillion (4.7%). NABO analyzed the total revenue for fiscal year 2019 by categorizing it into tax revenue and nontax revenue as well as eight major insurance programs to serve as fundamental data for the National Assembly's settlement review.
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